Implementation of International Financial Reporting Standards IFRS

The shift to IFRS is a reality, so companies must be aware that require a transformation involving employees, processes, and systems to implement the IFRS and the new regulations.
The implementation of IFRS leads to ongoing training of accountants in the new international standards because these and their interpretations change over time, allowing them to update accounting policies and evaluate the impacts on the financial statements of the companies based on the new international standards established by the International Accounting Standard Board (IASB) through the following processes:
  • Assessment and implementation of IFRS for the first time
  • Assessment and implementation of new IFRSs in force
  • Personnel training.
  • A planned and duly managed conversion and update can present substantial improvements in the performance of the financial function, as well as better controls and cost reduction.
The new regulations and modifications in force for the financial statements that require monitoring and analysis by the Companies having already implemented these standards:
Norm or modifications
Effective date
IFRS 9 Financial Instruments
January 2018
IFRS 15 Revenue from Ordinary Activities from Customer Contracts
January 1, 2018 – However, according to a resolution issued by the Accounting Standards Board No. 005-2017-EF / 30, the application for entities with an annual filing period beginning on January 1, 2019 is postponed
IFRS 16 Lease
January 1, 2019
IFRIC 23 Uncertainty about Tax Treatments
January 1, 2019
Modifications to Standard IFRS 9 – Advance Payment Features with Negative Compensation
January 1, 2019
Modifications to Standard IAS 28 – Long Term Participations in Associates and Joint Ventures
January 1, 2019
Return to Audit

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